Surge in March housing transactions as buyers rush to beat SDLT increase

Residential property transactions in March 2025 were 104% higher than March 2024 and 62% higher than February 2024. For the year ending 31 March 2025, housing transactions totalled 1.223m, the highest since 2015/2016, except during the pandemic (2021/22).

For the same period, seasonally adjusted non-residential transactions increased by 12% from March 2024 and 10% from February 2025. Non-residential property transactions for the year to 31 March 2025 were 125,570, the highest level since 2018/2019. 

Commenting on the latest government figures for monthly property transactions, Stacy Eden, Partner and Head of Real Estate at RSM UK, said: "Residential property transactions in March were artificially driven by the reduction in stamp duty land tax (SDLT) bands from 1 April 2025, with the removal of this temporary relief significant in bringing forward transactions ahead of the SDLT threshold reduction.

“It is important to note however, the strong level of residential and commercial transactions for the whole year, driven by a slowly growing economy, stability in the market and falling interest rates. The annual number of non-residential property transactions in the year to March is indicative of a bounce back in the commercial market, with our Real Estate 360 survey highlighting that businesses are feeling optimistic about this year and beyond, boosted by better sentiment around asset price growth. But, concerns remain regarding the global impact of US policies to reduce deficits, with potential repercussions for the UK’s economic output.” 

He added: “Despite geopolitical challenges, it is key the government continues to push forward with its own policies and investment to ensure housebuilding targets are realised and improve market efficiencies. We’re still waiting on the Housing Strategy, which needs to focus on regulation changes and building safety, particularly Gateway 2, which has been causing significant delays in housebuilding due to backlogs in administration and insufficient resource. Addressing this measure will help to alleviate the bottleneck and contribute to wider economic growth.”